Bitcoin Inches Closer to $70K: New Price Prediction

Bitcoin is almost to $70,000 and may get a small push over that mark from today's economic data.

Timothy St. John•Monday, June 3, 2024•2 min read

Bitcoin (BTC) has started off the week with an upswing, increasing by 1.33% for the day so far after staying stagnant for several days. The coin is now at $69,071 (BTC/USD).

Bitcoin briefly climbed above $70K last week, and it could be gearing up to pass that key level again very soon. Any movement above $70,000 would put Bitcoin in a prime position to set a new record high.

This token is being affected by the economic data coming in, with much of that pointing to high inflation rates and a slightly improving economy. That creates difficulties for Bitcoin to move very high very quickly.

New economic data is scheduled to be released throughout the day, covering total vehicle sales. Construction spending, and manufacturing PMI. The expectation is that these numbers will be mixed, with some indicating an improvement in the economy and others showing decline. If the forecasts hold, then Bitcoin should only see mild effects.

Bitcoin Price Prediction

Trade volume for Bitcoin has grown by nearly 100% over the last day, which indicates that it is ready to climb rapidly in the short term. We expect Bitcoin to move past $70,000 by tomorrow and potentially hit a new high by the end of the week. A lot of that potential movement will rely on positive economic data, but there is significant positive sentiment behind Bitcoin at the moment within the cryptocurrency marketplace. Investors, and whales in particular, are looking to push the coin much higher to hit targets of $75,000 and $80,000.

Unless the economic data is overwhelmingly negative, Bitcoin should do well this week. We expect the coin to hit $80,000 by July with the potential to go as high as $100,000 by the end of the year. With tough inflation data to contend with, we do not think that Bitcoin will go much higher than that in 2024.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.